Corporation's power to sue, be sued lodged with board of directors

The power of the corporation to sue and be sued in any court is lodged with the board of directors that exercises its powers. Thus, the issue of authority and the invalidity of plaintiff-appellants subscription which is still pending, is a matter that is also addressed, considering the premises, to the sound judgment of the Securities & Exchange Commission. [G.R. No. 96551. November 4, 1996]